BCSC: A Swiss wealth management firm and two individuals alleged in market manipulation
The British Columbia Securities Commission (BCSC), has issued an announcement to inform in relation with allegations for two B.C. residents and a Swiss wealth management firm engaged in market manipulation and illegal distributions.
The Executive Director of the British Columbia Securities Commission (BCSC) has issued a notice of hearing alleging that two B.C. residents and a Swiss wealth management firm participated in a market manipulation and made illegal distributions.
The notice alleges that David Tuan Seng Lim, Michael Mugford, and EuroHelvetia TrustCo S.A. planned and participated in a market manipulation of the share price of Urban Barn Foods Inc., a company previously known as HL Ventures Inc. The notice also alleges that the respondents distributed Urban Barn Foods Inc. securities in breach of securities laws pertaining to prospectus requirements (the respondents have never filed a prospectus in B.C.).
HL Ventures, a Nevada company, was a natural resource company at the exploration stage that had halted its exploration and had no revenues. The notice states that the company was the subject of a reverse takeover, and on August 19, 2009, HL Ventures obtained a new ticker symbol to reflect its name change to Urban Barn Foods Inc. During the relevant period, its shares were quoted on the Over the Counter Bulletin Board in the United States.
Lim was an investment advisor registered under the Securities Act during the relevant period and resides in B.C. Mugford was Lim’s client and business associate during the relevant period. He also resides in B.C.
These allegations have not been proven. Counsel for the Executive Director will apply to set dates for a hearing into the allegations before a panel of commissioners on January 12, 2016 at 9:00am.
